INCOME TAX OFFICER-1, MORENA vs. SHRI AGRASEN LOGISTICS, JOTAI ROAD, PORSA,

ITA 108/AGR/2025Status: DisposedITAT Agra24 June 2025AY 2022-2333 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged its burden by providing confirmations, PAN, and bank statements of the loan creditors. The Tribunal also noted that the amendment to Section 68 regarding explaining the 'source of source' was not applicable for the assessment year in question and that additions cannot be made solely on suspicion without concrete evidence.

What were the facts?

The Assessing Officer (AO) added unsecured loans as unexplained cash credits under Section 68 of the Income Tax Act, 1961, citing low average bank balances and peculiar deposit patterns of the lenders. The CIT(A) deleted these additions, holding that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the lenders.

What were the issues?

Whether the CIT(A) erred in deleting additions made under Section 68 for unexplained cash credits, and whether the matter should be remanded for further verification of the lenders' creditworthiness and genuineness of transactions.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(30)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, AGRA BENCH: AGRA

Before: SHRI SUNIL KUMAR SINGH & SHRI MANISH AGARWAL

For Appellant: Shri Sudhir Sehgal Adv. &, Shri Ashok Vijaywargiya, CA
For Respondent: Shri Sukesh Kumar Jain, CIT- DR
Hearing: 21/05/2025Pronounced: 24/06/2025

PER MANISH AGARWAL, AM: This appeal is filed by the Revenue against the order passed u/s 250 of the Income Tax Act, 1961 (the Act, in short) by the ld. Commissioner of Income Tax (Appeals), [Id. CIT(A), in short] National Faceless Appeal Centre (NFAC) dated 03.02.2025 in Appeal No. NFAC/2021-22/10337524 for Assessment Year 2022- 23 arising out of the order passed by the Assessing Officer (the AO, in short) u/s 143(3) of the Act, dated 26.03.2024. 2. Brief facts of the case are that the assessee is a partnership firm engaged in the business of real estate and filed its return of income for the AY 2022-23 declar

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →